There's no doubt 50 can be fabulous, a time when many people experience a renewed self-confidence and the wisdom not to sweat the small stuff. But with age comes greater responsibility, so much so that a new survey dubs 50 the most expensive year of a person's life.
Indeed, Investec Wealth and Investment advisors found that one's 50th year can bring about 3,800 British pounds, or approximately $5,700, in extra expenses, compared with the average expenses of any other age.
The added costs are due to obligations such as mortgages, the support of children at home and perhaps their educational expenses, as well as savings for impending retirement. The survey looked at around 2,000 adults in the UK and found living costs, like housing, transportation and food, can add up to over 27,000 British pounds for those aged 50, the equivalent of around $41,000.
Besides trying to set aside money for retirement savings, many people might find themselves in a caregiving role, especially as their parents age. This could result in thousands of dollars in added costs as well as a potentially reduced income if one has to cut back on work hours or take time off.
"Today’s 50-year-olds have a tough financial balancing act that involves saving as much as they can for retirement while still facing significant financial commitments such as a mortgage, dependent children and large household bills," Investec's senior financial planning director Nick Gartland said in a statement.
"Turning 50 used to be a signal to increase retirement savings but times have changed as today’s generation faces additional financial pressures that make this difficult," he said.
Gartland also pointed out that 50-year-olds need to save more now than ever before, as life expectancy is up to 78.7 for men in the U.S. and 81 for women -- or around 30 years past 50.
What do you think? Are you feeling the pinch at 50? Let us know in comments below.
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